Wheat 💠239,907 MT
Corn hits its highest level of the MY, Wheat and Soybeans continue below previous years, However, remain in-line with expectations.
Chicago wheat prices are up early as dealers assessed Russian comments suggesting Moscow might not renew Ukraine’s grain export deal. Some east European countries stopped Ukrainian grain imports.
Corn dipped on a positive outlook for U.S. planting weather while soybeans rose on slow Argentine exports.
Chicago Board of Trade’s most-active wheat increased by 0.2% to $6.84-1/4 per bushel, while corn fell 0.08% to $6.65-3/4 per bushel, and soybeans rose 0.5% to $15.08 per bushel.
The future of the Ukrainian shipping channel is still uncertain after some East European countries banned Ukrainian imports to protect their farmers, and Russia made negative comments. U.S. hard red winter wheat regions received some recent rain, but more is needed. Good weather last week for corn planting is likely to mean the U.S. will not see the delays seen last year. There is only minimal stress/risk premium to be added by the markets. Argentine soybean exports remain low after a poor crop. While soybeans are supported by slow Argentine exports, but attention is shifting to the huge Brazilian crop.
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